Financial agents must form forecasts and investment judgments from decision-time evidence, with predictions evaluated against subsequent outcomes. Existing benchmarks assess financial knowledge, research workflows, or forecasting, but evaluating the full research process requires a strictly frozen information set and professional evaluation criteria. We introduce Investor's Last Exam (ILE), an equity-research benchmark led by experienced buy-side investors and fund managers. Its three components are a versioned financial database spanning 3.43 million document versions and nine source categories, supplemented by structured market data, with validated timestamps governing retrieval and computation; a task taxonomy organized around professional analyst deliverables; and an expert-led framework linking scoring criteria to sources, calculations, and assumptions through financial dependency graphs. Evaluation spans 86 assignments and jointly assesses research quality, forecast accuracy, and simulated investment performance. GPT-6 Astra and Claude Opus 5.5 lead overall at 68.1 and 66.9 out of 100, yet even Astra scores only 52.5 on Forecast & Model. Our results show that even state-of-the-art models fail to translate overall research capability into predictive performance. ILE shifts the evaluation unit from isolated capabilities to the evidence--assumption--judgment chain, allowing researchers to locate where analytical advantages fail to translate into forecasts and investment judgments, and providing a traceable, diagnostic foundation for training and evaluating financial agents.
Adrien Petralia, Alexandre Gavaudan, Artjom Joosen, Etienne Goffinet, Richard Kurle, Yassine El Ouahidi, Yassir Bendou, Abdelaziz Bounhar 等 356 位作者
We introduce Timestral, a family of four time series foundation models for probabilistic forecasting, with 5M, 28M, 123M, and 209M parameters. Timestral sets a new state of the art on GIFT-Eval, TIME, and fev-bench, where Timestral-209M and Timestral-123M take the top two places on every metric. We achieve this with three ingredients: Decoupled Horizon Forecasting (DHF), which separates prediction tokens from the causally encoded context, so that longer horizons are trained without masking context and each observed value is both a forecast target and context for later forecasts; a covariate framework that natively supports known-future covariates within a causal architecture; and a two-stage pipeline that pretrains exclusively on a diverse, large-scale synthetic corpus before post-training on a mix of real and synthetic data with extended context. This report describes the model design and its benchmark results. Weights for all four models are available on Hugging Face and inference code on GitHub.
Shuhuai Li, Shengdong Ye, Dongdong Ge, Yinyu Ye, Jianghao Lin
Agentic services alternate between model inference on clustered GPUs and external tools on distributed CPUs. In this scenario, existing systems (1) overlook tool-return readiness in service evaluation, wasting limited resources, and (2) use heuristic strategies to decide admission and placement on GPUs, resulting in suboptimal scheduling decisions. To bridge this gap, we present TAO, a tool-aware joint scheduling framework for LLM-based agentic serving. Its value interface combines near-term tool readiness, node-specific cache credit with time-aware decay, and token footprint; a dynamic program jointly selects and places waiting sessions under capacity constraints. Across the 12 reported model-workload-concurrency settings, TAO reduces latency by up to 26.8%, reduces mean time to first token (TTFT) by up to 36.3%, and increases decode throughput by up to 29.5% relative to the best evaluated state-of-the-art baseline for each metric.
Video stylization typically transforms entire scenes, while local artistic editing requires precise region--style association, spatial control, and temporal consistency. We introduce LociArt, a unified paradigm for free-style local video stylization that explicitly specifies where to stylize and what style to apply while preserving non-target content. At its core, GRNStyle builds on Generative Refinement Networks (GRN) and introduces a polar style-aware mask that embeds style identities as equal-norm directions within selected regions. Complementary representation--geometry conditioning combines encoded mask features with raw-mask spatial support, integrating spatiotemporal context with geometric control. To provide paired supervision, we develop an automated pipeline combining global stylization, video object removal, matting, and compositing, and construct the LociArt-100K Dataset with 100K local stylization pairs. We further establish the LociArt Benchmark, comprising 80 source videos and 84 target masks covering 168 foreground/background stylization cases, with a Style Prototype Similarity (SPS) evaluation scheme for regional style quality and complementary measures of non-target preservation and temporal consistency. Experiments show that GRNStyle outperforms existing methods in regional style quality and spatial control while maintaining strong temporal consistency. Qualitative examples further illustrate joint stylization of multiple regions with the same or different learned styles, despite training only on single-region, single-style pairs. Together, these components provide a unified foundation for learning and evaluating controllable local video stylization. Project page: https://higherhu.github.io/lociart/.
Yao Huang, Zhiyuan Zeng, Yu Wang, Zhitong Zhu, Dingcheng Duan, Hao Li, Shangzhi Xu, Yifan Wang 等 17 位作者
As frontier language models grow increasingly capable and autonomous, independent third-party evaluations are critical for characterizing their systemic safety risks. While closed-source releases are routinely accompanied by comprehensive system cards, open-weight models receive less scrutiny regarding frontier risks. To address this gap, we present an independent safety evaluation of DeepSeek V4.1 Flash-1017, the latest version of V4.1 Flash that departs from V4 with a new architecture, scaled-up training, and strong agentic capabilities. Drawing on the EU General-Purpose AI Code of Practice, we evaluate the model across 34 benchmarks, including 5 in-house suites, spanning evaluation integrity, loss of control, and harmful manipulation. Conforming to the AEF-1 standard, we compare V4.1 Flash-1017 against V4.1 Flash, earlier DeepSeek V4 models, and leading closed-source systems (GPT-6 Astra, GPT-5.6 Sol, and Gemini 3.8 Flash). Overall, V4.1 Flash-1017 shows substantial safety improvements over the V4 generation and approaches or matches leading closed-source baselines on several dimensions, while still exhibiting notable behaviors that warrant continued attention. Building on our findings, we highlight three key observations and recommendations. First, because safety can shift and even regress across minor updates, developers should integrate safety evaluation into incremental releases. Second, as final-turn outputs and end-state checks alone cannot reliably detect loss-of-control behaviors, deployments require process-level observability across both reasoning traces and action logs. Third, because public benchmarks elicit strong evaluation awareness and face data contamination risks, developing private benchmarks is essential for trustworthy frontier evaluation.
Long-horizon LLM agents interact with their environments through complete assistant turns while generating each action token by token. We observe that critic values vary primarily across turns, motivating optimization anchored at turns with finer credit allocation among tokens. We propose Multiscale Policy Optimization (MPO), combining Multiscale Advantage Estimation (MAE) and turn-level importance sampling to align credit assignment and policy updates at the turn scale. Extensive experiments across search, tool-use, and automation tasks with 4B and 30B-A3B models demonstrate consistent gains over strong RL baselines.